Problem 11. (15 points) Cash Flow Statement 1. Hamilton Helmets purchased equipment for $124,000 cash, sold equipment costing $72, FOR $38,000 IN CASH, and declared dividends during 2016. No new notes payables were issued during the year. Financial data follows: Dec. 31. 2016 Dec. 31, 2015 Change 2016 Cash $89,200 $86,000 $3,200 Sales revenue $1,700,00 Accounts receivable 62,400 27,600 34,800 Cost of sales 850,00 Inventory 56,000 Salaries expense 270,00 42,000 308,000 14,000 52,000 Equipment 360,000 Depreciation expense Accum. depreciation (92,000) (8,000) Interest expense 36,00 7,00 6,00 Accounts payable (84,000) 72,800 42,400 50,800 (22.000) Loss on sale of equipment Unearned revenue 32,400 Income taxes expense 88,00 (10,000) (3,600) Accrued salaries 14,000 17,600 Net income $ 443.00 Taxes payable 23,200 7,200 16,000 110,000 74,000 Long-term notes payable (36,000) 180,000 56,000 Common stock 124,000 Retained earnings 101,200 64,800 36,400 Required: Prepare a Cash Flow Statement using the indirect method for 2016